Current reports

Current report no. 15/2009 - Information on the resolution of the Management Board of Bank Handlowy w Warszawie S.A. regarding the proposed distribution of the net profit for 2008

Legal basis: § 38 section 1 item 7 of the Ordinance of the Minister of Finance on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent information required under the law of a non-member state dated 19 February 2009 (Journal of Laws No. 23, item 259).

On May 12, 2009 the Management Board of Bank Handlowy w Warszawie S.A. took a resolution to allocate the entire net profit for 2008 to strengthening the Bank’s capital base.

The Management Board of the Bank, observing the rules of prudent and stable management in the Bank, particularly in respect of capitalization and financial plans of the Bank, proposes that no dividend is pay out for 2008 and that the entire net profit for 2008 is allocated to strengthening the Bank’s capital base.

This recommendation will allow the Bank to achieve a relatively high capital adequacy ratio, which is of great importance in a volatile macroeconomic environment, as well as it will enhance the Bank’s position enabling it to take advantage of new market opportunities.

The above proposal of the Management Board will be presented to the Supervisory Board for consideration, and then to the Annual General Meeting of Shareholders for approval.